In this episode of Yet Another Value Podcast Book Club, host Andrew Walker and co-host Byrne Hobart of The Diff discuss Railroader, the biography of Hunter Harrison—one of the most transformative figures in modern railroading. They explore Harrison’s management style, capital discipline, and the precision scheduled railroading model he pioneered. The conversation digs into his alliances with Bill Ackman and Paul Hilal, controversial board dynamics, and the balance between performance and persona. Was Harrison a generational genius or just a man with perfect timing? Tune in for a deep probe into leadership, rail strategy, and long-term industry shifts.___________________________________________________________[00:00:00] Podcast and guest introduction[00:01:54] Book focus: 'Railroader' overview[00:03:20] Hunter’s train schedule philosophy[00:05:21] Anecdotes of hands-on leadership[00:07:43] Hunter's capital allocation approach[00:09:33] Evaluating Hunter's industry impact[00:12:51] Railroad competition and timing[00:14:59] Railroads' long-term infrastructure value[00:17:05] Extreme management and physical risks[00:19:45] Strategic image and brand building[00:21:09] Customer complaints and PR responses[00:25:59] Precision scheduling adoption industrywide[00:27:36] Ackman and Hillel strategies[00:30:04] Norfolk Southern bid complications[00:33:39] Hunter's bold management targets[00:36:26] CEO succession and board relations[00:40:58] Hunter’s final campaign at CSX[00:43:19] Compensation and personal contradictions[00:47:37] Comparison: Ellison vs. Harrison[00:56:22] Wall Street expectations pressureLinks:Yet Another Value Blog: https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
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58:46
How to get a job in investing
In this episode of Yet Another Value Podcast, host Andrew Walker steps away from traditional investing talk to offer a focused career guide for young professionals. Aimed at college students, MBA candidates, or early-career professionals seeking entry into public market investing, Andrew shares practical advice on everything from earning credibility to crafting cold emails, writing substack pitches, and giving impactful stock pitches. He explains actionable strategies like starting a pseudonymous Substack, passing CFA Level 1, and approaching investors with genuine ideas—not just resumes. If you're serious about a career in investing, this is a must-listen blueprint.______________________________________________________________________[00:00:00] Purpose of today’s non-investing episode[00:02:16] Episode disclaimer: strictly job advice[00:05:29] Target audience for this guidance[00:06:32] Proving interest through clear credentials[00:07:19] Value of CFA Level 1 for newcomers[00:09:32] Opening brokerage account and starting early[00:11:06] Substack writing to build skill and signal[00:11:31] Sending effective intro emails with a hook[00:14:06] Why “cold blasts” fail—do tailored outreach[00:17:03] Constructing a unique, memorable stock pitch[00:19:08] Real-world scuttlebutt research advantages[00:22:09] Example: speaking to franchisees or doctors[00:24:11] Using your current background as an edge[00:25:50] Marketing insights applied to public equities[00:27:15] Why and how to start a pseudonymous Substack[00:29:15] Launching your pitch to a real audience[00:30:57] What to do if no one responds[00:32:06] Building credibility and relationships via outreach[00:33:24] Show effort: compliment the “pink shirt”[00:35:56] Final encouragement and sign-offLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
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36:22
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36:22
Guinea Value's Jingshu Zhang on $EDU
In this episode of Yet Another Value Podcast, host Andrew Walker is joined by Jingshu from Guinea Value to discuss New Oriental Education (ticker: EDU), a Chinese education services firm. They explore the company’s dramatic fall in 2021 following regulatory crackdowns, its surprising rebound, and its resilience in the face of industry headwinds. Jingshu shares rare firsthand insights from his own experience founding a similar business, giving unique context to New Oriental’s position in the market. Topics range from working capital dynamics and regulatory shifts to capital allocation and AI’s impact on education. Tune in for an in-depth look at one of China's most compelling turnaround stories.__________________________________________________________[00:00:00] Andrew introduces podcast and guest[00:02:16] Jingshu greets and intro begins[00:02:55] New Oriental company history overview[00:05:02] Reasons Andrew invited Jingshu[00:05:32] Jingshu’s personal edu background[00:09:41] China edu sector decline insights[00:10:24] Market misunderstanding and tail risks[00:16:03] Discussion of regulatory risk[00:22:25] Cash position and asset value[00:25:43] Livestream business background[00:27:26] Capital return strategy discussion[00:33:57] Michael’s conservative cash mindset[00:38:28] AI disruption and edtech impact[00:43:19] Challenges of AI competition[00:46:06] Superstar teacher dynamics[00:48:44] Andrew closes the episodeLinks:Yet Another Value Blog: https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
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50:08
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50:08
Perfecting the Investing Craft with Caro-Kann’s Artem Fokin
In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back recurring guest Artem Fokin for a wide-ranging discussion on perfecting the craft of investing. Skipping individual stock pitches, they explore long-term process improvements, the role of AI in research, and how expert calls have changed their approach. Artem and Andrew debate the statistical validity of track records, the impact of conviction borrowing, and the future of market efficiency in an AI-driven world. Listeners will also hear how Artem's investment focus evolved over the past decade, and why understanding customer-level value is now at the core of his process.See the follow on webinar on AI and expert calls here__________________________________________________________[00:00:00] Andrew introduces episode and Artem[00:03:07] Perfecting the investing craft[00:05:26] Bannister effect in investing[00:06:45] Inspiration from investor track records[00:10:40] Concentration and statistical significance[00:16:45] Bitcoin investor vs. great allocator[00:19:11] Betting on long-term outliers[00:22:43] Power laws and convexity[00:25:17] Will AI dumb down markets?[00:32:37] Market becoming more consensus[00:34:36] AI pricing medium-term alpha[00:39:06] Democratizing research tools[00:46:54] Early edge in illiquid stocks[00:48:55] Artem’s biggest process change[00:52:48] Can customer feedback mislead?[00:56:09] Golf clubs and process analogy[00:59:11] Avoiding groupthink and conviction leaks[01:03:39] Know who’s pitching the idea[01:06:25] IRR-driven sizing pitfalls[01:10:38] Penalizing leverage in rankingsLinks:Yet Another Value Blog: https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
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1:26:12
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1:26:12
August 2025 Random Ramblings
In this August 2025 edition of Yet Another Value Podcast, host Andrew Walker returns with his signature monthly ramblings. Andrew unpacks the strange dynamics in today’s bifurcated market — where AI giants soar while traditional sectors flounder. He explores whether buybacks post-earnings miss signal strength or delusion, muses on “hot girl marketing” with a focus on Sydney Sweeney’s campaigns, and discusses what drives real ROI in celebrity partnerships. He closes with reflections on sizing up when holding a true edge, and a fascinating challenge trade: Paulson buying Icahn’s full stake in Bausch Health._________________________________________________________[00:00:00] Intro and episode overview[00:00:57] Market state and personal screens[00:05:34] AI stocks outperforming traditional sectors[00:06:32] Retail sector earnings crash[00:08:30] Market split explained further[00:09:36] Buybacks on post-earnings dips[00:14:27] Sydney Sweeney, HeyDude tie-in[00:18:38] Swinging when you have edge[00:24:07] Challenge trades concept[00:27:47] BHC Paulson-Icahn block deal[00:30:41] Closing remarks and disclaimerLinks:Yet Another Value Blog: https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.com/. We interview top investors and dive deep into stocks and companies they are currently working on and investing in. While nothing on this channel is investing advice and everyone should do their own diligence, our goal is to frequently feature edgy and actionable value and/or event driven ideas.
Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer
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